presentation, page-6

Peter, Don, I'm watching developments in SA pretty closely at the moment. Not convinced a new spin out at Frome would be the way to go at present, but with the current momentum and positioning around Beverley and Honeymoon, you would have to expect that while it is not stated, that GIR is presently looking at how to ensure it's stakes in area (Frome, Olary etc) are taken into account in current development and planning. GIR's Frome/Olary resources are very strategically placed in light of these developments.

Was also interested to note today in PMH's Investor Presentation, the issue of potential partner development of Blue Rose was presented as potential news flow! GIR has 25% stake in BR also, as well as substantial holding in PMH.

Again, not to detract from the ore (as thats while we're all here), but I expect that these and other resources/JV's will add pretty significant value to the company's cash position as the ore plans come to light and fruition.

The ore scenario is MIGHTY! :) DL